Sao Paulo, Brazil-based iron ore mining company and flat rolled steel producer Companhia Siderurgica Nacional (CSN) has announced its financial results for the third quarter of 2012.
In the given quarter, CSN registered a net income of R$159 million (US$78.24 million), compared to a net loss of R$1 billion in the previous quarter. The company had registered a net income of R$1.09 million in the third quarter of 2011. Net revenue slightly increased to R$4.26 billion (US$2.09 billion) in the third quarter of the current year, up one percent year on year, mainly due to higher steel product sales volumes, particularly in the domestic market, partially offset by the reduction in iron ore prices. Revenues from CSN's steel operations increased 26.8 percent year on year to R$2.91 billion (US$1.43 billion).
According to CSN's statement, the company produced 1.29 million mt of crude steel in the third quarter, up 2.7 percent, while its rolled steel output stood at 1.16 million mt, down 4.73 percent, both year on year. In the given quarter, CSN's iron ore sales decreased by 17.5 percent year on year to 6.6 million mt, while the company's own iron ore consumption amounted to 1.6 million mt.